Do you know what makes the difference between an average entrepreneur and a real business guru? Undoubtedly, that’s the correct mindset and business view. Of course, any novice who enters the market needs practice. Although the practice rather than the theory makes perfect, the latter helps to take grounded and well-thought decisions.
Ask 100 successful entrepreneurs about their best tips, and you’ll get 100 different answers. Nevertheless, I’m going to share my best advice on how to take your deals to the next level.
Follow the rules below and evolve!
Top 10 Things Entrepreneurs Should Never Forget
#1 Choose One Business Direction and Be Strong in It
Startups are small. Resources are limited. Also, there are a few bigger companies in your niche.
Great entrepreneurs know that to be competitive and successful, they have to come up with something really unique or extremely good. Focusing each and every effort on the final goal can be the answer while an attempt to please everyone and everything at the same time is a recipe for a disaster.
#2 Examine Your Target Audience/Customers Far and Wide
The first question you have to ask and answer is “Who’s your customer?” Get as much information about your target audience as you can.
A first-class entrepreneur studies his client bases both inside and outside, conducts surveys, holds interesting contents and makes everything to accurately define the needs, preferences and requirements of the target client.
You can’t reach all the people in the niche at least for the reason of limitedness of a budget.
Try to spend money on things that matter. Consider the type of people who can be your best customers. Find out age, gender, social status, level of income, etc.
Make your campaign focused. Don’t disperse.
#3 Take Every Advice, but Apply Only Those That Suit Your Business Goals
If you’re a novice entrepreneur, you get tips all the time and out from many sources. The key is to distinguish between useful advice and ones irrelevant and without any practical appliance.
Even the richest investors sometimes give founders terrible advice. Therefore, collect the advice but never take unjustified risks.
#4 Ask for Help if You Need It
Great entrepreneurs usually turn for help to all those who might be useful. Successful entrepreneurs know that to get something, they sometimes need help and they are not afraid to ask for it.
#5 Take Notes and Watch
I’m constantly surprised by the fact that young entrepreneurs often underestimate the importance of information when meeting with potential investors. Actually, they sometimes even don’t have a tool to write down facts and ideas. It even makes me wonder whether they want to remember the meeting.
Take notes and keep an eye on things you may forget. Try to absorb all significant that may affect your business, and be sure to write it down.
#6 Talk About Your Business with Energy and Enthusiasm
World-class entrepreneurs are able to sell ideas to investors, customers, and partners just because they know how to express thoughts so that the average person understand and quickly memorize the information.
For sure, insights are welcomed, but they should rather follow the key concepts and basic ideas than outpace them.
Sharpen the sequence of information supply. Describe complex problems in simple words and make sure your interlocutor catches the thread of the conversation.
#7 Sell Yourself, not Just the Startup
Well, one of the toughest business tasks is to convince people that you worth investing the time and money. When meeting with a potential investor, try to present yourself in the best light. Be funny, interesting, intelligent, hard-working, and experienced!
It is much easier to get a meeting with a potential investor if he considers the meet as a potentially fun and exciting event, not just something that may give him high ROI in future.
#8 Get Involved in Networking
While everyone knows networking is one of the most important things to launch a startup, the strongest entrepreneurs are able to establish useful contacts in the shortest time.
Some of the most valuable contacts can never be established at “crucial’ events (for example, lawyers whose clients are venture capitalists, industry conference organizers or people who have good contacts with investors).
When a business founder meets with the people, he has to have something to offer, whether it’s information from the field, recommendations or request for collaboration. Create target lists, use LinkedIn to reach needed people and use already established contacts to test and evaluate potential partners and investors.
#9 Feel the Difference between “No” and “Not Now”
There are many reasons why someone may say “no” when being asked for a favor or a meeting. Actually, “no” doesn’t necessarily mean a categorical refusal. In most cases, it means “later” or “it’s possible, but you must ensure me.” In the end, a recipient may be busy or have another view of this stage of project development.
Thus, feel free to come back with your request again, at the right time – after reaching major goals, appearing of new opportunities, getting additional financing, etc. The return to those who previously said “no” shows that you are really interested in collaboration and smart enough to give the potential partner a good reason to say “yes.”
#10 Look for Creative Solutions
Don’t let the lack of funds keep you from what you want. Do not expect money to build your business. Instead, come up with a few clever ways to get what is needed for a minimal fee or through barter, services, outsourcing, etc. Ingenious solutions always get financing.
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